ABSTRACT. The development of leisure as an economic activity has come into focus over the last century. Nowadays, a commercial leisure property has gained an important role within the total spectrum of world economies. Despite these developments in the leisure sector, the valuation of property for the purpose of commercial leisure is still regarded as an Achilles' heel. The accepted approach to the property valuation in UK is to perform an open market valuation for the existing use. However, for the specialized properties including leisure assets, the distinctive valuation methodology has to be applied. This paper outlines the principles of methodology that are commonly used for the valuation of leisure property in the UK, Lithuania and other countries. Factors affecting the valuation process with respect to the property development and investment decision are discussed. The study is accompanied with examples of valuation method applications and analyses of individual case studies of golf course valuation.
Improving the energy performance of buildings has become a priority area for energy efficiency policy across the European Union. A cornerstone to achieving carbon reductions in UK buildings is the Energy Act 2011 and subsequent minimum energy efficiency standards. This Act contains a number of provisions which will have implications for the commercial property sector. the paper presents a quantitative study that investigates the implications of the legislation and assesses how key stakeholders, specifically commercial landlords and property agents, are preparing for its implementation. the results reveal there is generally a good awareness of the act and suggest that a number of property owners, and to a lesser extent advisers, are taking greater account of energy and environmental performance in their acquisitive due diligence and asset management strategies, as a result of the act. less preparation was evident with regard to green leasing practice, although this was being considered as an action in the near future.
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